I know the kneejerk reaction from some people will be "he can't because he's dead" but keep in mind that we never saw the explosion and Vanko could've easily have gotten out of the suit and gone to a safe distance or he deactivated the bomb in his suit which was maybe still functioning enough for him to fly off.

So since they left his fate ambiguous enough to leave open a possible return should we see Whiplash come back in IM3? Personally, I'd love it if he did and I think he could still serve the story.